Leading cryptocurrencies declined overnight on Sunday as investors assessed the likelihood of interest rate cuts and geopolitical developments.
The Late Sunday Dip
Bitcoin dropped below $80,000 and Ethereum hovered in the low $2,300s as the cryptocurrency market waited for fresh momentum.
Roughly $120 million in positions were liquidated in the cryptocurrency market over the past 24 hours, of which $82 million came from long positions, according to Coinglass data.
Bitcoin’s open interest fell 1.29% over the last 24 hours and down 4% over the last month. Retail and whale derivatives traders on Binance were bullish on Bitcoin, with Long/Short ratios of over 1.
“Neutral” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Big Decision on Interest Rates Ahead
Stock futures traded mixed Sunday overnight. The Dow Jones Industrial Average Futures rose 37 points, or 0.07%, as of 9 p.m. EDT. Futures tied to the S&P 500 gained 0.04%, while Nasdaq 100 Futures dipped 0.05%.
Traders are awaiting the Federal Reserve’s decision on Wednesday. The CME FedWatch tool indicates a 90.6% chance that the Kevin Warsh-led central bank will leave the rates unchanged at the current 3.75% to 4% target range.
The market remained on edge after reports suggested that the U.S. is planning a major strike on Iran once the midterm elections end.
‘Interesting Week Coming Up’
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, discussed Bitcoin’s recent liquidity sweep on the daily chart and warned of further correction if the cryptocurrency fails to form a higher high.
Van De Poppe warned that another sweep could drag Bitcoin below $75,000, potentially erasing the current uptrend.
“Interesting week coming up,” the analyst remarked.
Van De Poppe also weighed in on Ethereum, highlighting potential for a rebound if a higher low forms and price breaks above $2,370.
“If there’s no sign of buying pressure, the second level is one to monitor, which is around $2,200. That must hold,” he added.
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